Qatar to Transfer Egypt $3.5 Billion for Mediterranean Tourism Site This Year

Egypt will get $3.5 billion from Qatar by the end of the year, with the Mediterranean tourism investment potentially paving the way for Cairo to unlock billions of dollars from the International Monetary Fund.

Qatari Diar, a real estate firm owned by the Gulf nation’s sovereign wealth fund, will transfer the money as the first step in the development, Egyptian Prime Minister Mostafa Madbouly told reporters on Thursday at a signing ceremony. Bloomberg and other media announced many of the details a day earlier.